Getting an auto loan pre approved before paying off my existing auto loan?
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I currently have an auto loan for about 20 grand pay off. I want to get into another car, but before I sell my vehicle, I want to be pre approved for another loan (to be sure that I can get approved and into another car right away) HSBC tells me that I must risk it and pay off the loan THEN apply for another loan and hope I am approved. this sounds rediculous to me! because it is denying me EVERYWHERE based on the fact that I already have a loan out for such a high amount...what do I do to make sure I can get into another loan right away? any suggestions?? I have heard Carmax.com, but do they give good money for cars??
Getting an auto loan pre approved before paying off my existing auto loan?The truth is you can apply for loan after loan and you will continued to get turned down. Not necessarily because of your credit but because you already have a outstanding car loan for $20K. There is no way to know until that is gone. If you are tradeing the car then banks will see that and understand. If your not trading the car all they see is that you could end up with two loans.
Check your credit (which you should do every few months anyways) if your credit is good then getting a loan will not be that hard as long as your debt to income is not off. Do your research and quit shotgunning yourself out to lenders because that lowers your score!
Getting an auto loan pre approved before paying off my existing auto loan?Avoid Carmax. They sell POS cars for too much. Auto loans are made by doing a credit check. If you have proper resources and a good credit history, you should be able to qualify for a loan. Are you looking to cash out the first loan and then finance a different vehicle or what. You aren't really clear on this.
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